What Can I Do with a Minor in Business Management?

<p>Popular outcomes of minoring in business management are starting careers in entrepreneurship and consulting, or pursuing an MBA. </p> <h3 id="section---ImportantFactsAboutThisField">Important Facts About This Field</h3> <p /> <table border="1"><tr><td> Job Outlook (2021-2031) </td><td> 11% growth (<i>for management analysts</i>)</td></tr> <tr><td> Similar Occupations </td><td> Market research analyst, cost estimator, budget analyst, accountant, auditor</td></tr> <tr><td> Work Schedule </td><td> Commonly 40+ hour weeks, sometimes under a tight deadline</td></tr> <tr><td> Professional Certification </td><td> The Certified Management Consultant is awarded by the Institute of Management Consultants. Recertification is required every three years.</td></tr> </table><p><i>Source: U.S. Bureau of Labor Statistics</i> </p> <h3 id="section---BecomeAnEntrepreneur">Become an Entrepreneur</h3> <p>If you become an entrepreneur, you'll start and manage your own business, using what you learned in your business management classes. The U.S. Bureau of Labor Statistics (BLS) reports that most entrepreneurs start small companies - defined as companies that employ fewer than 250 people - which they then grow (<i>www.bls.gov</i>). You will be in charge of every aspect of your business, including your own salary. </p> <p>As an entrepreneur, you'll be responsible for your company's successes and failures, and you will probably use your own money to take investment risks. The BLS reported that on average, 22% of entrepreneurial businesses started between 1994 and 2010 failed by their second year, less than 50% survived beyond their fifth year and more than 70% failed by their 15th year. If you're thinking of becoming an entrepreneur, the health care and social assistance industry has the highest entrepreneurial business survival rate, while construction has the lowest, according to the BLS. </p> <h3 id="section---BecomeAManagementConsultant">Become a Management Consultant</h3> <p>A minor in business management, in addition to problem-solving skills and industry knowledge, can prepare you for a career as a management consultant. According to the BLS, consulting firms require their employees to participate in on-the-job training or have prior experience in the field. You may have the opportunity to join a consulting firm or you may choose to start your own firm. </p> <p>If you work as a management consultant, you'll strategize with clients and advise companies on how to organize and manage their business. Your job is to objectively highlight a company's issues and provide suggestions as to how the company might improve. The BLS reported that metal ore mining is a high-paying industry, with management analysts earning a median wage of $44.71 an hour as of 2021. </p> <h3 id="section---PursueYourMasterSInBusinessAdministration">Pursue Your Master's in Business Administration</h3> <p>If you want to change careers or network with other professionals, you might consider pursuing a Master of Business Administration (MBA). While an undergraduate degree is required, most MBA programs do not require you to have an undergraduate degree in business. Some schools may require you to have work experience prior to enrolling. If you decide to enroll in an MBA program, you'll likely take courses in management, entrepreneurship, economics, information technology and marketing.</p>